The Internet of Things (IoT) has been transforming various industries, and the IoT sensor market is no exception, according to a new report that says that smart cities are opening new opportunities.
The global IoT sensor market was valued at $19.11 billion in 2021 and is expected to post a CAGR of 25.32%, according to “Global IoT Sensor Market By Sensor Type, By Application, By Network Type, By Region, Competition Forecast & Opportunities, 2027” by Research and Markets that provides an in-depth analysis of the market trends, growth drivers, and challenges. This growth is primarily attributed to the high adoption rate of IoT sensors across various industries.
The IoT sensor is a device that measures various physical quantities such as temperature, pressure, humidity, soil moisture, heartbeat, and many more. They are used across various industries, including industrial automation, aerospace & defence, education, entertainment, smart cities, smart buildings, and others.
Connected devices are also used in various sectors such as defence, lifestyle, fitness, sports, and others for military command and control, to improve athletic performance, to monitor progression, among other uses. Increasing consumer awareness and higher adoption of connected devices in healthcare are likely to propel the global IoT sensor market, the report authors say.
The increasing penetration of urbanisation has resulted in an increasing demand for connected devices globally. Smart wearable devices such as smartwatches, fitness bands, GPS tracking bands, trackers, among others, are used to collect and analyse data that support making smart decisions. Connected devices are also used in various sectors such as defence, lifestyle, fitness, sports, and others for military command and control, to improve athletic performance, to monitor progression, among other uses. Increasing consumer awareness and higher adoption of connected devices in healthcare are likely to propel the global IoT sensor market, the report authors say.
The healthcare sector has been shifting towards IoT solutions because of the benefits they provide. IoT devices like sensors are used to monitor the patient’s heartbeat, hygiene monitoring, glucose monitoring, and assisting in driving important insights related to various healthcare disorders. Sensors are also used to track the real-time location of medical equipment such as defibrillators, wheelchairs, oxygen pumps, nebulizers, and other monitoring equipment, in addition to monitoring patients’ health. Cloud computing integration with IoT is expected to boost the global IoT sensor market.
IoT Sensor spurs increasing demand for connected devices
The increasing penetration of urbanisation has led to a rise in demand for connected devices globally. Smart wearable devices, such as smartwatches, fitness bands, GPS tracking bands, and trackers, are used to collect and analyse data to make informed decisions. Furthermore, connected devices are used in various sectors, such as defence, lifestyle, fitness, and sports, for military command and control, to improve athletic performance, and monitor progression.
The report predicts that the increasing consumer awareness and higher adoption of connected devices in healthcare will drive the global IoT sensor market. Most healthcare organisations are shifting to IoT solutions because of the benefits they provide, such as IoT devices like sensors used to monitor the patient’s heartbeat, hygiene monitoring, glucose monitoring, and driving important insights related to various healthcare disorders.
The emergence of Smart Cities
The emergence of smart cities and home automation has been gaining immense popularity worldwide. Smart homes allow users to schedule, monitor, and remotely control home temperatures quickly and easily with the help of IoT sensors and networked and voice-recognition devices. Additionally, building automation increases the operational efficiency of buildings, leading to fewer emissions from building operations.
Governments worldwide have been pressing for green and energy-efficient cities that will contribute to fulfilling commitments such as the reduction of carbon footprints and net-zero emissions from buildings by 2050. For instance, 28 cities, mostly in North America and Europe, such as Portland, London, and Los Angeles, have signed up for the ‘Net Zero Carbon Buildings Commitment’ led by the ‘World Green Building Council.’ Such factors are expected to boost demand for various connected devices essential for building automation, thus benefiting the global IoT sensor market.
IoT Sensor market segmentation
The global IoT sensor market has been segmented by sensor type, application, network type, and region. By sensor type, the market has been segmented into pressure sensor, temperature sensor, light sensor, chemical sensor, motion sensor, and other sensors such as touch sensors and proximity sensors. By application, the market has been segmented into industrial automation, connected & smart home, smart cities, healthcare, retail, connected cars, aerospace & defence, smart agriculture, and others such as smart energy and smart supply chain.
The report provides a comprehensive analysis of the global IoT sensor market by sensor type, application, network type, and region. The sensor type segment is further divided into pressure sensor, temperature sensor, light sensor, chemical sensor, motion sensor, and other sensors (touch sensor, proximity sensor). The application segment is divided into industrial automation, connected & smart home, smart cities, healthcare, retail, connected cars, aerospace & defence, smart agriculture, and others (smart energy, smart supply chain). The network type segment is divided into wired and wireless.
The report also includes profiles of leading companies operating in the global IoT sensor market, including Texas Instruments, Broadcom Corporation, Murata Manufacturing, Invensense, Inc., Infineon Technologies AG, TE Connectivity, ST Microelectronics, Siemens AG, Honeywell International, Inc., onsemi, Microchip Technology, Inc., Omron Corporation, and Analog Devices, Inc.
There are various factors instrumental in giving traction to the smart city concept. On the one hand, individuals and businesses have been increasingly relying on the Internet of Things (IoT) and connected devices to perform the daily functions in their homes. On the other hand, governments worldwide have been pressing on the concept of green and energy-efficient cities, which are likely to contribute to fulfilling commitments such as reduction of carbon footprint and net-zero emissions from buildings by 2050.
The report also indicates that North America holds a significant share of the global IoT sensor market. The increasing adoption of IoT technology and the presence of major players such as Texas Instruments, Broadcom Corporation, and Honeywell International, Inc. in the region have been driving the growth of the IoT sensor market in North America. Additionally, the growing demand for connected devices in various industries such as healthcare, industrial automation, and aerospace and defence is expected to drive the growth of the IoT sensor market in the region.
The Asia Pacific region is also expected to witness significant growth in the IoT sensor market due to the increasing adoption of IoT technology in countries such as China and Japan. The report suggests that the region’s growing population, rapid urbanisation, and increasing demand for connected devices are likely to contribute to the growth of the IoT sensor market in the region.
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